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https://www.nationthailand.com/blogs/business/40011890

Digitization of work is no longer just a buzzword. Fast forward 24 months has been an unexpected longtail impact of COVID-19 and yet we are still bogged down with continuous changing variant one wave after another causing further prolonged periods of lockdowns and worldwide travel restrictions.

This prolonged pandemic crisis had created immense operational backlash and logistical challenges for organizations who had downplayed the first wave of COVID-19 as well as the timely adoption of new Digitization of work to manage a long-term virtual or hybrid workforce.

The significant shifts are evident in forcing many organizations business operation to become ever more digitally agile to sustain, adapt, and thrive in the volatile and fast changing market conditions brought about by COVID-19.

Looking back, in the early wave of pandemic, we have witnessed how digitalization has driven technology’s adoption in the products and delivery of services as well as changes in digitization of work in the organizations. Digitization of work has allowed staff to learn and develop new capabilities, explore new opportunities, and utilize their creativity in ways that benefit to the organization. It has promoted both versatility of a virtual workforce and the opportunity to improve processes, streamline, and increase operational efficiencies within an organization.

With cashflow management visibility and operational budgeting becoming a top priority in many organizations to manage the prolonged pandemic crisis, the next wave of digitalization efforts should be focused on the finance function. Many of the challenges faced in the finance function are a result of the digital-manual hybrid state of financial operations causing late nights on tedious and manual tasks. 

Transitioning to a digital finance organization would streamline the efficiencies into the organizations which will enable the finance team to run smoothly even in times of crisis. Removing the traditional manual and labor-intensive finance operations workplace to run digitally can be a strategic advantage. Leveraging on digital finance processing technology to interact with others and drive the finance business processes, the virtual finance workforce can gather, analyze finance data to generate valuable insights. For example, the utilization of the OCR (Optical Character Recognition) technology to manage and process the travel and expenses can automate the generation of expense reports to manage and tighten expense management. 

In essence, virtual teams need a coherent shared digital environment if they are to be productive. If team members are drawn from various geographical locations, cultures, or organizations from different digital environments, it becomes imperative for the organization to negotiate and determine within itself what tools its own shared digital environment should contain.  

We have identified three key features which can help support virtual teams to thrive in the digital work environment: building a safe environment for freedom of opinions, technological capabilities of employees, and support from management.

• Building a safe environment for freedom of opinions
The safe environment for opinions will create a nurturing culture for team members to believe they can speak up freely, without being judged, and that they will be confident in sharing unique ideas and participate in developing creativity at work. If employees can express their thoughts and ideas, an organization could recognize and apply their views to improve, change, and modify the work process, which will enhance the overall work efficiency and help a company to adapt agilely in digital transformation process and journey. Moreover, right, or wrong, new opinions come from those who experience the process themselves to modify their work scheme.

• Technological capabilities of employees
The second factor behind the team’s efficiency of remote work is the employee’s technological capabilities. Technology competencies are abilities to apply business tools and platforms and utilize digital communication. We may notice changes from digital transformation, but each employee might have a different level of technological knowledge, causing them to face limitations when managing these technologies. Therefore, enhancing technology skills is essential for transforming the work methods of the organization.

• Support from top management
The last and perhaps the most crucial factor in digital work is management’s support. Support from management is necessary to improve flexibility and empower teams to explore and implement distinct work methods, which might be a better procedure, including work processes that may modify the standard working environment of the company. 

In conclusion, organizational digital transformation cannot happen without support from the top management. The COVID-19 pandemic has changed the traditional way of a workforce operates and there is no looking back. It is imperative for organizations to empower their workforce with the “flexibility” to work from anywhere solidifying a virtual and hybrid workforce, providing real-time collaboration, and minimizing tedious and manual processes. When work happens in the digital world, then our concept of the workplace must follow suit, or we would miss the opportunities to help teams to be as successful as they can be.
 

Published : February 03, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011432

The Jiaxing Fruit Wholesale Market in China’s Hangzhou city is serious about ensuring all imported fruit is safe from Covid-19, former Department of Agricultural Extension official Sakda Sinives said in a Facebook post on Saturday.

He said a Covid-19 inspection centre has been set up at the market with officials ready to inspect cargo trucks and the products inside.

Sakda explained that all trucks are required to submit documents, including a customs form, inspection and quarantine certificates, Covid-19 test and disinfection reports.

The centre will then conduct a second inspection by testing the truck drivers for Covid-19, disinfecting containers and checking at least six packs of products.

“The test results will be announced within six hours,” he said.

Sakda added that the market’s Covid-19 inspection centre had checked more than 14,000 tonnes of imported fruits last week. He said the market administration department has trained 109 importers on fruit-related data input to track and monitor all fruits accurately.

“This is not a joke. Exporters and farmers must be careful because China is very serious about its ‘Zero Covid’ policy,” he added.

Published : January 24, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011186

Taxes on cryptocurrency trading should be fair, clear, practical and promote trade, the Security and Exchange Commission (SEC)’s former deputy secretary-general Tipsuda Thavaramara said on Sunday.

The Revenue Department’s decision to discuss taxes for cryptocurrency trading with relevant agencies was a good move, she added.

Tipsuda also pointed out the three issues related to taxing cryptocurrency trading that are questionable, namely:

• Capital gains tax: The Revenue Department’s decision to collect capital gains tax is unfair and unpractical as digital asset exchange operators do not pay investment returns to customers. Withholding tax also affects transactions as stores that accept cryptocurrencies must collect capital gains tax from customers.

• Value-added tax (VAT): The Revenue Department considers cryptocurrency a product, so businesses and traders are required to pay VAT for selling cryptocurrency. Many other countries, like Australia, Singapore and some European nations, have waived this tax for the sale of cryptocurrencies.

• Tax on issuing tokens: The tax on the issuance of debentures should not apply to the issuing of investment tokens. The Revenue Department says all issuances are considered as income unless exemption is announced.

“Whether policies focus on the promotion of trade industry or not, the Revenue Department should collect taxes fairly under clear rules and practises,” she said.

Published : January 17, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010962

The Stock Exchange of Thailand (SET) on Tuesday implemented a three-year strategy to create a modern capital market for the sustainability of business and social sectors.

Capital markets channel the money of savers into long-term productive use by companies or governments.

SET president Pakorn Peetathawatchai said the strategy would place the capital market at the centre of investment, making it work for everyone in the digital era.

This would be achieved by promoting financial awareness among Thai people to improve their quality of life, he added. “Meanwhile, the SET is ready to support the business sector’s role in taking care of society and the environment to boost the country’s sustainability.”

Pakorn said the strategy consists of three aspects:

New opportunities in every sector: SET will help companies raise funds, enhance the quality of capital market-listed firms, enable people to access investments, and boost opportunities for overseas investment. For instance, SMEs and start-ups will be able to access funds via the LiVE Exchange, due to open in the first quarter.

Digital infrastructure development: SET will expand efficient and reliable digital infrastructure, develop new platforms linking trade of existing and digital assets, and create business opportunities via digital analysis. For instance, a Thai Digital Assets Exchange to meet new-generation investors’ demand is due to open by the third quarter.

Promoting financial sustainability: SET will build public awareness of environmental, social and governance (ESG) principles, personal finance, promote environment-related projects and strengthen cybersecurity in the Thai capital market. For instance, it will build more partnerships under the Climate Care Platforms to tackle climate change.

Pakorn said the strategy would help create a modern investment ecosystem that meets demands of asset issuers, investors and stakeholders while boosting Thai capital market growth.

Published : January 11, 2022

By : THE NATION

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https://www.nationthailand.com/business/40010424

Deputy Prime Minister Prawit Wongsuwan handed out smart city logo to 15 city developers and gave the policy to drive the city development on Saturday.

Thailand has a concrete plan to develop smart cities in order to improve city management in various aspects, such as economic, social, environmental and living. 

This move is in line with 20-year Thailand 4.0 strategy which aims to reduce inequality and create prosperity, security and sustainability.

So far, Thai government, private and public sectors’ effort resulted in 15 smart cities:

• Khon Kaen Smart City
• Chachoengsao, a lively city that is worth for visit and investment
• Phuket Smart City
• Sri Trang City
• Phadung Krung Kasem Canal smart city development project
• Rama IV smart city area
• Sam Yan Smart City
• Chiang Mai Municipality’s smart old town development 
• Chiang Mai University and surrounding areas’ smart city for sustainable excellence to communities
• Mae Moh Smart City, Lampang
• Yala Smart City for public participation
• Nakhon Sawan Smart City
• Saensuk Smart City, Chonburi
• Wangchan Valley Smart City, Rayong
• Makkasan Smart City to support high-speed rail linking three airports

Related stories:

• Thailand’s ‘smart cities’ dream will first focus on environment and smart power
• Phuket’s Karon area to get ‘smart poles’ as part of govt’s smart city initiative
• Communication lines to be buried in bid to make Bangkok a smart city

Published : December 26, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010301

The biggest risks for markets in 2022 are inflation, the coronavirus, and geopolitical tensions, according to some 700 respondents to a Markets Live Global Survey.

More than 30% cited inflation as among their biggest worries when asked, “What do you see as the biggest tail-risk for markets in 2022 and what probability do you put on this tail-risk transpiring?” Respondents often tied the risks of higher inflation to central banks either falling behind the curve, or tightening too quickly.

Over a quarter were concerned about the coronavirus, with almost half of those focused on a new variant. The more detailed responses cited governments imposing new restrictions or central banks adjusting their policy in response.

About 23% cited geopolitical tensions, and 16% specifically used the terms war, invasion or conflict. The main examples given were rising tensions between China and Taiwan, and Russia and Ukraine, particularly the possibility of an invasion. Any escalation in either case was seen as a segue to greater conflict involving more countries.

The fourth highest tail-risk, with 13% of responses, was the Federal Reserve, particularly the chance the U.S. central bank would tighten interest rates too fast. More broadly, 10% said that policy errors were a tail risk. While 5% cited risks associated with central banks globally, responses were split on the likelihood of policy makers either falling behind or overreacting to inflation.

When it comes to China, respondents saw both geopolitical and domestic risks. Contagion linked to China’s economic situation was frequently cited, with the potential for slower growth and an impact on the housing market.

Some other cited risks included: Supply chain (5%), cryptocurrencies (4%), and stagflation (2.6%).

The Markets Live Global Survey, conducted from December 5-18, had 873 respondents. Of those, 44% were based in North America, 37% in Europe, and 10% in Asia. The top three primary job roles were portfolio manager (35%), research/strategy/economist (15%), and buy-side trader (12%).

The methodology involved in analyzing the 672 responses to the tail-risk question included tallying the frequency of terms, and calculating the percentages against the number of responses to this question. Specifics were then manually analyzed.

Published : December 23, 2021

By : Bloomberg

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010117

Thailand is working to develop smart cities to stimulate the economy and improve people’s quality of life, Digital Economy and Society Minister Chaiwut Thanakamanusorn said at the virtual “Thailand Move On: Reshaping Smart City Landscape” forum.

The forum, organised by Nation TV, kicked off on December 15.

The development of smart cities is part of the government’s 20-year Thailand 4.0 strategy.

A smart city is defined as one that utilises modern technology and innovation to sustainably facilitate management, boost economic value and improve residents’ quality of life. This can be achieved with the cooperation of the public and private sectors.

A prosperous future

Chaiwut said the environment and energy play a key part in development, especially since cities are expanding exponentially.

He pointed out that the Asean population is expected to rise by 84 million people by 2030. As of 2020, the region’s population was estimated at 661.5 million.

“Expanding cities offer opportunities in economic growth, employment, a better quality of life, trade, investment and business,” he said.

“However, they also pose challenges such as pollution, crimes, traffic jams and dangers to life and property.”

He explained that Thailand is working to develop smart cities based on citizens’ demands, terrain and culture. The focus is on:

• Environment: Ensuring all operations are eco-friendly.
• Economy: Helping residents use technology to generate revenue.
• Mobility: Making infrastructure convenient and safe.
• Governance: Making governance fair and transparent, and also encouraging people’s participation.
• Living: Giving residents easy access to medical services and keeping the crime rate low.
• People: Improving people’s skills to improve their opportunities.
• Energy: Using energy efficiently and sustainably.

“Up to 50 areas in 29 provinces have been earmarked and 15 have been approved by the smart cities committee,” he said. “Up to 36 areas in 23 provinces are getting ready to propose development plans.”

To promote the development of smart cities, the government has launched measures to encourage businesses to develop digital infrastructure and improve the skills of their workforce.

“Smart city development will also focus on sustainability, so residents have a clean environment, clean energy and good quality of life. Hence, public cooperation is very important,” he added.

Intelligent landscape

Metropolitan Electricity Authority (MEA) deputy governor Jaturong Suriyasin said a smart grid was necessary for a smart city.

He added that MEA’s mission is to meet rising demands and ensure that quality and stability is maintained to ensure confidence among users. He also said that power cables are now being laid underground and modern power systems developed to support fast-moving digital disruption.

He added that MEA also has several ongoing projects to produce and consume power in eco-friendly ways, such as building smart grids, solar rooftops and promoting electric vehicles.

“In the future, solar panels will be installed on the roof of every house to enable people to generate and sell electricity,” he said.

“The Cabinet on August 24 approved the use of electric vehicles [EVs] by all government agencies from next year. The project will start with agencies located in the capital.”

Jaturong added that MEA plans to set up charging stations across Bangkok, Nonthaburi and Samut Prakan next year to encourage people to use EVs.

He added that the agency will also help set up EV chargers in people’s homes if they want.

Meanwhile, Digital Government Development Agency (DGA) president Supot Tiarawut said the agency was working on digitising government services from three aspects – eservices, data sharing and staff development.

He added that DGA has launched an “open government data” website that provides information on different subjects like road accidents, population and other statistics.

Power of change

Assoc Prof Wisanu Subsompon, vice president of Chulalongkorn University’s Property and Innovation Management, said smart cities aim to improve people’s lives, so focusing on residents’ demands is necessary.

“Many factors can improve life, such as transportation, clean energy, environment and recreation,” he said.

“These factors directly affect us, so we have to find out how we can improve them so they are more convenient and can improve our quality of life.”

Samyan smart city, he said, still has a long way to go even though it is in the heart of Bangkok with Chulalongkorn University, schools, offices, residences and shopping malls in the vicinity.

“We may not have to apply high technology to our smart cities, but we should apply technology that meets people’s demands,” he said.

He added that apart from innovations and cooperation between public and private sectors, studying smart cities overseas is also important, so similar systems can be applied and Thai smart cities can become internationally well-known.

Published : December 18, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010110

EA plans to expand the factory’s production capacity to 50 GWh per year in a bid to help Thailand become a manufacturing hub for electric vehicles and power storage.

Energy Absolute (EA) has launched the largest lithium-ion battery factory and integrated energy storage system in Asean courtesy Amita Technology (Thailand) in a bid to build a complete new S-Curve ecosystem.

The factory, located on a 90-rai plot in the Eastern Economic Corridor, will have a production capacity of 1 Gigawatt hours (GWh) per year.

The facility is designed to produce the pouch cell type of lithium-ion batteries using intelligent systems and modern automated production to ensure the highest efficiency and low-cost production.

EA plans to expand the factory’s production capacity to 50 GWh per year in a bid to help Thailand become a manufacturing hub for electric vehicles and power storage.

CEO Somphote Ahunai said the factory would be the heart of electric vehicle production and introduce stable renewable energy for daily use to reduce greenhouse gas emissions.

He said the facility’s production process also emphasises the concept of energy efficiency and waste reduction by focusing on recycling as much as possible.

“In cooperation with Amita Technologies, which is a manufacturer and distributor of lithium-ion batteries in Taiwan for more than 20 years, EA has entered into investment and experience and technology transfer in building the factory, which has a larger production capacity at world-class level,” Somphote said.

He explained that the pouch cell lithium-ion battery has high capacity, light weight and a long life cycle and does not contain harmful substances such as acid or lead.

He said the battery is environmentally friendly as it is easy to separate its positive and negative plates in the recycling process, thanks to special techniques to produce cells.

“In addition, Amita’s battery is designed to be compatible with Ultra-Fast Charge technology that can charge large electric vehicles in just 15 minutes and supports up to 3,000 charge cycles, which will be a welcome highlight in the use of large commercial electric vehicles,” Somphote said, pointing out that “the battery can be used in all types of electric vehicles, such as cars, trucks, buses and even boats to help reduce emissions caused by internal combustion engines.”

He said a 1 Gigawatt lithium-ion battery in 4,160 electric buses can reduce greenhouse gas emissions by approximately 91,709 tonnes per year and reduce diesel consumption by more than 97 million litres per year.

“Apart from being able to produce battery cells on its own, EA has expanded its supply chain to reduce costs, waste and external dependence,” Somphote said.

“In this regard, a solvent distillation tower was built to be used in battery cell manufacturing to purify the cells until they can be recycled, resulting in less waste and a reduction in raw materials imported from abroad,” he added.

Published : December 17, 2021

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40009914

Mr.Bunsom Kitkasetsathaporn (1st on the Left) CEO The Practical Solution Public Company (TPS) congratulated to subsidiary company “The Win Telecom Co., Ltd.”

Mr.Bunsom Kitkasetsathaporn (1st on the Left) CEO The Practical Solution Public Company (TPS) congratulated to subsidiary company “The Win Telecom Co., Ltd.” Represented by Mr.Jamnong Nitnara, Managing Director (middle of the picture)  which successfully signed on the Saphan Project (Underground Fiber Cable) valued 557 Million Thai Baht along with Mr.Arthakrit Sastararuchi, CEO LXT Networks Co., Ltd. Jointed Venture with Verge Digital Infrastructure Pte., Ltd. (Singapore) represented by Mr.Boyke Laldjising (1st on the Right) on behalf of  Mr.Chris Wilson, CEO Verge.  Verge is deploying a network of open-access, edge data centres across South-East Asia starting with the Saphan Project in the south of Thailand.  Led by LXT Networks, the Saphan Project includes east and west coast cable landing stations, a 2 MW Edge Data centre in Hat Yai.  The facilities will be connected by a new underground, multipath, fiber optic network being constructed by WIN Telecom. The project will commence early in 2022.

Published : December 13, 2021

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https://www.nationthailand.com/business/40009887

Improving employees’ hard and soft skills is necessary to digitally transform organisations, experts said at the “Synergising Digital Leadership with People Leadership to Achieve Breakthroughs in 2022″ webinar on Thursday.

Studies conducted by several institutions worldwide show that 70 per cent of organisations failed to achieve digital transformation because their staff was not ready for the change.

Porntip Iyimapun, founder and CEO of PacRim Group, said most organisations face four challenges: fear of change, unclear direction, problems with organisation structure and lack of leadership.

“To deal with these challenges, leaders must build their credibility to gain trust, set up clear directions, manage systems and procedures in line with a new strategy and boost their staffs’ potential,” she said.

“Leaders alone cannot drive the organisation towards success. For that, they need to leverage all resources as much as possible.”

Meanwhile, Skooldio managing director Virot Chiraphadhanakul said many organisations failed with their digital transformation because of conflicts between technical and non-technical members of staff. He added that digital literacy was another important hard skill accepted by many organisations.

“If technical and non-technical staff members realise the opportunities and can utilise their digital skills, it will help boost the value of the business,” he said.

He added that many organisations have lost opportunities due to their failure in utilising digital skills due to the abovementioned challenges.

Published : December 13, 2021

By : THE NATION